Investment company KKR has agreed to purchase Atlantic Aviation from Macquarie Infrastructure for $4.475 billion in cash and debt.
Atlantic Aviation operates one of the largest networks of fixed base operations (FBOs) in the U.S. and provides services to the private aviation sector.
The sale of Atlantic Aviation is expected to close in the fourth quarter of 2021, subject to customary regulatory approvals and approval from MIC shareholders. The Atlantic Aviation sale is expected to result in a cash proceed of approximately $3.298 billion being available for distribution.
The Macquarie Infrastructure board of directors is expected to authorize a cash distribution of approximately $37.35 per unit once the transaction is closed.
"We are proud of the robust growth Atlantic Aviation has achieved under our ownership which resulted in strong interest from prospective buyers during the sale process," said Christopher Frost, chief executive officer of MIC.
"Atlantic Aviation has an outstanding reputation as a leading operator of critical aviation infrastructure across the U.S.," said Dash Lane, Partner at KKR. "With our focus on providing long-term capital to support the growth of high quality and resilient businesses, we are excited to invest alongside Atlantic's experienced team and strong existing platform which we believe is well positioned to capitalize on multiple avenues of future growth."